Eagle Capital For Financial Investment has acquired the shares of Egyptian businessman and steel tycoon Ahmed Abu Hashima in Egyptian Media Group, the firm announced on Monday.
Dalia Khorshid, former minister of investment and the current CEO of Eagle Capital, said that the acquisition is the first investment deal for the company.
"This acquisition reflects our interest in the strategic sector that affects the citizen on the daily basis," she said in a statement by the firm, referring to the media sector.
The statement also announced that Eagle Capital has appointed the former head of Egypt's state Radio and TV Union, Osama El-Sheikh, as the new CEO of Egyptian Media Group.
Abu Hashima founded Egyptian Media Group in 2013.
The company did not mention in its short statement how much it paid to acquire the shares of the famous businessman.
Egyptian Media Group includes 16 media subsidiaries, among them ONTV network, DotMisr, Sawt Al-Oma and Ain weekly newspapers, Youm 7 news website and daily newspaper, POD PR agency, Presentation advertising agency, and Synergy advertising agency.